"If you are looking for this type of mortgage product we could help you!"
In today’s very fragile property market, London is like the bubble that cannot burst, apart from properties within the magic circle of the M 25, and certain hotspots that have special attractions to investors, or for residential purchase, the property market across the UK is still in decline.
Clients spread across the UK may find it very strange why the London Property market appears to be recession proof, but almost 80% of property transactions in the City of London are funded by money from outside of the UK. This would appear to relate to both residential and commercial property.
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What is the attraction you may ask, a very safe home for your investment in what is a Global downturn in the financial and property markets. We have a culture in the UK that we want to own the property that we live in, as any young person starting out on their working lives will confirm. At some stage, not too far down the road they want to purchase property, and live in it.
Even in this horrible downturn in the property markets, the demand is still there, what is holding clients back, is the lack of funding by lenders who no longer seem to want the first time buyer requiring high loan to value mortgages. When RISK is the unspoken word by lenders, can we see the return of 95/100% mortgages being freely available to first time buyers, in short NO.
However properties in London are a very special case and although the main high street lenders are unwilling in most cases to lend at more than 75% LTV when the mortgage is in excess of 1mill, there are a number of private banks and specialist lenders who are actively seeking the high net worth clients, who are experienced in property, and they can, if they are happy with the client, lend up to 90% LTV.
You may think that you would have to pay a premium interest rate for that facility, but that is not the case. The fees charged do reflect the very special level of service that you would enjoy, but what the lender is looking for is to manage all of your financial affairs, banking, investment, pensions, wills and trusts. As we have often said, there is no such thing as a free lunch, but the price maybe worth paying to enable you to borrow at the required level.
We have built into our normal service level to would be mortgage applicants, a special service for clients who wish to borrow to borrow in excess of 1mill, and no doubt most of those clients will be based in and around the City of London.
We of course welcome enquiries from anywhere in the UK, because there are always parts of the country that attract high net worth clients who are looking for that little extra level of service which we feel we can provide.
Why not call Michael Alexander now on 03452 605506 or 07867 794837, and see how with over 40 years of experience in financial services as an Independent Mortgage Adviser, we can help you to achieve your goals.